Lagos: Four leading banks have declared a combined Profit Before Tax (PBT) of N979.77 billion for the first quarter of 2025, ending on March 31.
According to News Agency of Nigeria, this figure represents a 120.8 percent increase from the previous year’s corresponding period, as revealed in the banks’ unaudited financial statements posted on the Nigerian Exchange Group (NGX) platform. The banks reported substantial growth in gross earnings, despite customer dissatisfaction over various transaction charges.
The banks analyzed include Guaranty Trust Holding Company (GTCO), Zenith Bank Plc, Fidelity Bank Plc, and Access Holdings Plc. GTCO posted a PBT of N300.4 billion, benefiting from a 41.1 percent year-on-year increase in interest income and a 41.2 percent rise in fee income. Zenith Bank recorded N949.86 billion in gross earnings for Q1, up from N780.6 billion in 2024, with Profit After Tax (PAT) rising from N258.3 billion to N311.8 billion. Access Holdings Plc reported a profit of N222.78 billion, compared to N202.74 billion in the previous year. Fidelity Bank’s gross earnings grew from N192 billion to N315.4 billion, while its profit increased from N31.4 billion to N91.1 billion.
Customers have expressed concern over transaction charges, urging the Central Bank of Nigeria (CBN) to investigate. Some customers described the charges, including Teleco Fee, SMS Alert Charges, Value Added Tax (VAT), and Electronic Money Transfer fees, as excessive. Mr. Okechukwu Unegbu, a former President of the Chartered Institute of Bankers of Nigeria, highlighted the prevalence of such charges and called for customer accountability. Dr. Anthony Nnadi, a customer of GTCO and Access Holdings Plc, reported receiving notifications about increased SMS alert charges, emphasizing that customers are disproportionately affected by recapitalization efforts.
Mrs. Catherine Omale, a Zenith Bank customer, appealed to the CBN to address banks’ practices, which she alleged were exploitative. As banks report record profits, customer dissatisfaction over fees continues to grow, prompting calls for regulatory intervention to address the issue.